Owning a condo offers some attractive advantages, not least of which are luxury amenities and freedom from outdoor maintenance. The condo association will also carry insurance to protect the building itself from fire, floods, and other disasters — often referred to as homeowners association (HOA) insurance — though you’ll need a condo insurance policy of your own. If you’re unsure what type of coverage you’ll need, the following primer explains what you need to know. 

HOA Coverage vs. Private Condo Insurance

What Are HOA Policies? 

While you might own your individual unit, the condo building itself is managed by the HOA. Their master insurance will replace the roof if it’s damaged in a serious storm or pay for repairs after a fire. The cost of this coverage is typically assessed on all occupants of the building as part of the HOA fees. It will not help you with any in-unit damages or expenses. 

Some HOAs carry what’s known as an “all in” policy, which will include coverage for the original structural components included with your condo. This coverage might pay to replace your refrigerator or kitchen cabinets, but it doesn’t extend to your personal possessions, and won’t compensate you for losses due to burglary or vandalism. They may also instead offer a “bare walls-in” policy, which won’t include any materials within your unit’s walls. 

Why You Need Condo Insurance

Private condo insurance acts much like a homeowners policy, covering everything inside your living area. This vital coverage can include the wiring, plumbing, and structural elements, as well as all your private possessions in the event of theft or certain disasters. It also includes liability coverage, protecting you from lawsuits arising from accidental injuries on your property, which could cost thousands of dollars. Finally, if your condo is rendered uninhabitable by a covered event, condo insurance will provide for alternative living arrangements while repairs are underway.

Condo insurance provides invaluable peace of mind, protecting your home and belongings from the unexpected. The experienced agents at Action Auto Insurance Agency in New London, CT, offer policies from several of the nation’s leading carriers, with the expertise to help you select a policy that’s right for you. To speak with an agent and request your condo insurance quote, call their offices at (860) 444-7224. Visit their website to explore the additional services they offer.